WASATCH FUNDS - Curian Clearing

MARCH 31, 2015 (UNAUDITED)
Fund
Market Value
Beginning
Balance
9/30/14
Purchases
at Cost
Sales
(Proceeds)
Accrued
Discounts
(Premiums)
Realized
Gain/
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Transfers
in at
Market
Value
Transfers
out at
Market
Value
Market
Value
Ending
Balance
3/31/15
Net Change in
Unrealized
Appreciation
(Depreciation) on
Investments Held
at 3/31/15
Strategic Income Fund
Corporate Bonds $ 1,125 $ — $ — $ — $ — $ (277) $ — $ — $ 848 $ (277)
Ultra Growth Fund
Common Stocks $ 914 — — — — — — — 914 —
Preferred Stocks 2,018,982 — — — — (297,518) — — 1,721,464 (297,518)
Limited Partnership
Interest 4,198,989 15,000 (395,306) — 426,940 (71,881) — — 4,173,742 (71,881)
$6,218,885 15,000 (395,306) — 426,940 (369,399) — — 5,896,120 (369,399)
World Innovators Fund
Common Stocks $ 65 — — — — — — — 65 —
Limited Partnership
Interest 316,673 — (25,995) — 10,819 2,614 — — 304,111 (2,614)
$ 316,738 $ — $ (25,995) $ — $ 10,819 $ 2,614 $ — $ — $ 304,176 $ (2,614)
QUANTITATIVE INFORMATION ABOUT LEVEL 3FAIR VALUE MEASUREMENTS
Fund
Micro Cap Value Fund
Small Cap Growth Fund
Small Cap Growth Fund
Ultra Growth Fund
Ultra Growth Fund
Ultra Growth Fund
Description
Fair Value
at 3/31/15 Valuation Technique Unobservable Input
Range
(Average)
Direct Venture Capital
Investments: Pharmaceuticals $ 1,366,314 Probability of warrant exercise Exercise price *
Probability of no warrant exercise Remaining value
Direct Venture Capital Investments:
Biotechnology $ 524,873 Market comparable companies EV/R** multiple 0.7 - 1.8(1.3)
Discount for lack of
marketability 20%
Direct Venture Capital Investments:
Oil & Gas Equipment & Services $11,438,169 Market comparable companies EV/R** multiple 3.0 - 10.8(5.7)
Discount for lack of
marketability 20%
Direct Venture Capital Investments:
Biotechnology $ 131,219 Market comparable companies EV/R** multiple 0.7 - 1.8(1.3)
Discount for lack of
marketability 20%
Direct Venture Capital Investments:
Health Care Technology $ 730,874 Market comparable companies EBITDA*** multiple 7.3 - 17.9(12.4)
EV/R** multiple 1.0 - 4.1(2.5)
Discount for lack of
marketability 20%
Direct Venture Capital Investments:
Oil & Gas Equipment & Services $ 856,932 Market comparable companies EV/R** multiple 3.0 - 10.8(5.7)
Discount for lack of
marketability 20%
*The exercise price of the warrant will be within a range; the actual price is not set at this time. As such, this valuation is directionally sensitive to the determination of the exercise price within
the range.
**Enterprise-Value-To-Revenue Multiple — (“EV/R”) A measure of the value of a stock that compares a company’s enterprise value to its revenue.
***Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) is net income with interest, taxes, depreciation, and amortization added back to it. EBITDA can be used to analyze
and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.
Changes in EV/R multiples and EBITDA multiples, each in isolation, may change the fair value of an investment. Generally, a
decrease in these multiples will result in a decrease in the fair value of an investment.
The Funds’ other Level 3 investments have been valued using unadjusted third-party transactions and quotations, unadjusted
historical third party information or the unadjusted NAV of an investment in private investment companies. No unobservable
inputs internally developed by the Funds have been applied to these investments, thus they have been excluded from the
above table.
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